IASB to discuss mandatory application date of IFRS 9

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23 Jun, 2011

The IASB has posted a Staff Paper on its website discussing the application date of IFRS 9.

The paper is scheduled to be discussed at the IASB's meeting on 20-22 July 2011.

The IASB stated in the Basis for Conclusions of IFRS 9 that it intended for the mandatory transition to all phases of the IAS 39 replacement project to occur concurrently, and that it may delay the effective date of the IAS 39 replacement project to better align with the effective date of the proposed insurance contracts guidance. Requests to review the mandatory effective date have also been received through the Request for Views and other outreach activities.

The Staff Paper notes the impairment and hedging phases of the project to replace IAS 39 are not yet complete, nor is the insurance project, and the staff recommends that on the basis of current circumstances the IASB should move the mandatory effective date of IFRS 9 to annual periods beginning on or after 1 January 2015. IFRS 9 is currently required to be applied for annual reporting periods beginning on or after 1 January 2013.

The full agenda for the July IASB meeting has not yet been formally announced. Click for access to the Staff Paper (link to the IASB's website).

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